The pharmaceutical and medical device industries rely on advisory boards to provide non-binding but informed guidance on various marketing, clinical, payer and physician related issues that affect their operations. Organizations need to structure their use of advisory boards in a way that ensures they are utilizing the full range of advisory board types to inform their operations. Companies also need to make sure they are recruiting the right board members, using an appropriate meeting format and spending the right amount of time in preparation of the meetings.

Best Practices, LLC undertook this study to identify structure and operational benchmarks around the use of advisory boards in the pharma and device sectors. In particular, the study examines preferences around the types of boards, size of boards, types of format, meeting length and other structural and operational issues associated with advisory boards. Leaders who work with advisory boards can use this study to compare their company's approach with that of peer organizations.

NOTE: Segmentation analysis was key to examining trends and effective practices. This study captures insights from two segments: Total Benchmark Class and Small Companies Segment.

KEY TOPICS

Structure of Advisory Boards

Operations of Advisory Boards

KEY METRICS

Types of Advisory Boards hosted by your company

Number of participants present in Advisory Boards

Departments responsible for conducting these types of Advisory Board meetings

Duration of contract (in months) for the following Advisory Boards

What were the top 3 reasons for establishing these types of Advisory Boards

What were the typical number of Advisory Board meetings conducted annually for each type of board

What was the preferred duration (in hours) for each type of Advisory Board

What was the format for each type of Advisory Board that your organization conducts

What was the average number of hours needed for preparation for each type of Advisory Board

This study engaged 35 executives from 29 leading life sciences companies. Segmentation analysis was key to examining trends and effective practices. Twelve participants from 12 companies comprise the Small Company Segment (revenues less than USD $1 billion).

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call Benjamin Gregory at 919-767-9160 if you have any questions.